Word: buffetts
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Goldsmith not only likes making lots of money, he likes spending lots of money. "I don't understand people like Warren Buffett," he says of the parsimonious Nebraskan financier, "who pride themselves on living in their first house and driving a used Chevy to work, despite being billionaires." Aside from Goldsmith's Paris home and his town houses in New York and London -- all filled with antique furniture, paintings, statues, silk hangings -- he has just acquired a 16,000-acre hideaway on northwestern Mexico's Gulf of California. "It's the most beautiful place I've ever seen," he says...
...growth of debt to finance mergers, takeovers and other moves is perhaps the most dangerous side of the recent rush to consolidate. Federal Reserve Chairman Paul Volcker has warned that the borrowing is not "compatible over time with economic and financial stability." Warren Buffett, an investor with large holdings in Capital Cities and other firms, is blunt: "One day junk bonds will live up to their name." Many economists and businessmen believe that the U.S. cannot have a strong economy if it is based on companies burdened by too much debt...
...snags: Where was Capital Cities going to get the money to buy the network? To help solve that problem, Murphy called in a longtime friend, Warren Buffett, 54, a soft-spoken and secretive investor from Omaha. Buffett, who owns 41% of Berkshire Hathaway, a diversified investment firm, is an old hand at deals involving communications companies, but he acknowledges his friend's expertise too. As he told TIME last week, "Murph needs an adviser like Carl Lewis needs a tail wind." Berkshire Hathaway currently owns 13% of < the Washington Post Co., 8% of Affiliated Publications, whose flagship property...
What comes next is a long sculpting process to make the new company fit FCC regulations governing concentration and numbers of stations. It is certain that properties worth hundreds of millions of dollars will have to be sold off. The possible complexities are numbing. Because Buffett will be a major shareholder in Capital Cities/ ABC, his ownership of a chunk of the Washington Post Co. could result in the new company's having to sell two Washington radio stations. An FCC rule prohibits common ownership of a radio or TV station and a newspaper in the same city. Capital Cities...
...Buffett, a resident of Omaha, Neb who made his fortune by in vesting in media operations is to put up more than $500 million in exchange for an 18 percent state in Capital Cities and a seat on its board...